On the daily chart since April 2015 EURCAD moves in an upward trend. Correction, which lasts for two months now reached a level that has a chance to cause rebound. At the level of 1.4400 extends uptrend line (green line on the chart) and significant support. At this level may appear rebound that will bring price to 1.4870 which is a line drawn along the tops of the recent falls. After that if price break above resistance from last two weeks 1.4900 price will return to the upward trend.

EURCAD-D1

Try FX GROW. Spread from 0.00001 also STP/ECN execution, full transparency.

Wider view, time-frame W1

In August 2015, the price has formed on the chart double peak formation. Since that ongoing falls, which now reached to an important support. Since 2010 price reacted several times to the level of 1.4350 – 1.4400. Now also you should see a rebound. If the rebound will be strong it can bring the price up to a maximum of this year at level 1.5580. However, if this support would be broken next support levels are located at: 1.3800, 1.3450, 1.3000.

EURCAD-W1

Leave us a comment!

Ransquawk